The use of video for fleet operations is growing significantly and for good reason. A recent report from Berg Insight forecasted the installed active base of camera-based video telematics systems in Europe to reach more than 1 million units by 2024, growing at a compound annual growth rate (CAGR) of 16.1 percent. It’s no wonder this type of in-vehicle video technology adoption is growing so rapidly; nearly one in five commercial fleet vehicles will be involved in a crash, according to annual accident rates.
Of the many benefits of in-vehicle video solutions powered by the Internet of Things (IoT), improving driver safety is perhaps one of the most significant. Through the power of artificial intelligence (AI), the latest video telematics IoT technologies have the ability to detect unsafe driver behaviors and send alerts in real-time — mitigating risk and preventing catastrophe.
Event-based notifications can be used to detect driver behaviours such as fatigue, unsafe driving, smoking, and mobile phone use. These events can be recorded, saved, and sent as an alert to a monitoring centre. An in-cabin system alerts the driver in real-time to prevent an accident. Incidents can be reviewed afterwards for enhanced training and evaluation.
Because most vehicle accidents are caused by driver behaviour, improving driver safety through real-time monitoring and intervention also greatly minimises the risk of collisions, injuries, and property damage. The economic cost of property damage alone averages $4,500 per vehicle, and that cost goes all the way up to $1.6 million for a crash resulting in fatalities.
While avoiding costly collisions may be enough financial justification to adopt video for fleet operations, there are other, less obvious ways that in-vehicle video can help fleet companies manage costs.
Some accidents, such as ones not caused by driver behaviour, are inevitable and cannot all be avoided. In the event of a collision, in-vehicle video can aid in accident investigations and insurance claims by providing visual evidence of the event. This saves fleet managers time, resources, and money by helping to resolve claims in a timely manner.
In addition to reducing the likelihood of vehicle crashes and assisting with insurance claims when accidents happen, video for fleet operations can help manage costs by improving driver productivity. This is enabled by facilitating timely and effective driver coaching based on detected behaviours.
Not all video telematics solutions are created equal, so it’s important to know what to look for when selecting in-vehicle video technologies. There are several differentiators that make a solution easier to deploy and manage, not to mention more feature rich and agile. Things to look for include data connectivity, SD and HD video recording, and live streaming.
One of the biggest differentiators in video for fleet operations is AI-enabled cameras. Artificial intelligence makes it possible to identify various hazards and events, initiating real-time alerts that mitigate risks before they happen.
To learn more about how IoT and AI can minimise common errors caused by human behaviour, register for our upcoming webinar, Where AI & IoT Meet for Fleet: Innovations for Risk Mitigation
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